投资以太坊 ETF 可能只是时间问题，而不是是否问题

尽管缺少许多投资者希望从中获利的质押功能，但这八只现货以太币交易所交易基金在周二基本成功推出。

The eight spot ether exchange-traded funds had a largely successful launch on Tuesday, despite the missing staking feature that many investors had hoped to profit from.

尽管缺少许多投资者希望从中获利的质押功能，但这八只现货以太币交易所交易基金在周二基本成功推出。

Eight newly approved spot ether (ETH) exchange-traded funds got off to a busy start following their debut this week, despite lacking a key feature of Ethereum's native token: staking income.

尽管缺乏以太坊原生代币的一个关键特征：质押收入，但八只新批准的现货以太坊 (ETH) 交易所交易基金在本周首次亮相后，开始忙碌起来。

While the Grayscale Ethereum Trust (ETHE), which has existed in non-ETF form for years but just converted into an ETF, has seen about $811 million of outflows, new products from the likes of BlackRock saw almost $800 million deposited in the first two days. Issuers say they're pleased.

虽然灰度以太坊信托 (ETHE) 以非 ETF 形式存在多年，但刚刚转换为 ETF，已经流出了约 8.11 亿美元，但贝莱德等公司的新产品在前两年就存入了近 8 亿美元。天。发行人表示他们很高兴。

This early success wasn't a given, especially after several issuers announced that they would not stake ether for yield, which they had initially planned to do in earlier filings. This was likely due to the U.S. Securities and Exchange Commission telling them to remove the feature as staking could potentially violate federal securities laws as it constitutes unregistered securities offerings, a point the SEC had previously argued in other cases.

这种早期的成功并不是必然的，特别是在几家发行人宣布他们不会用以太币换取收益之后，他们最初计划在早期的文件中这样做。这可能是由于美国证券交易委员会要求他们删除该功能，因为质押可能违反联邦证券法，因为它构成未注册的证券发行，美国证券交易委员会此前在其他案件中曾指出过这一点。

With a new administration taking office in January, things could change quickly and issuers remain hopeful that the feature could eventually become part of the products.

随着新政府在一月份上任，情况可能会迅速发生变化，发行人仍然希望该功能最终能够成为产品的一部分。

That being said, it is not currently "an active discussion," Rob Mitchnick, head of digital assets for BlackRock, said in an interview with CoinDesk. He added that the SEC made its view on that clear.

贝莱德数字资产主管 Rob Mitchnick 在接受 CoinDesk 采访时表示，话虽如此，目前这还不是“积极的讨论”。他补充说，美国证券交易委员会已经明确表达了自己的观点。

BlackRock, the world's largest asset manager, did not initially apply to be able to stake in their application but others, including Fidelity and Franklin Templeton, did.

全球最大的资产管理公司贝莱德最初并未申请入股，但包括富达和富兰克林邓普顿在内的其他公司却提出了入股申请。

"I certainly would hope that as an industry, we're going to be able to help to educate and provide perspective on how it is that we can bring staking capabilities to investors in these products," said Cynthia Lo Bessette, head of digital asset management at Fidelity. "Staking is a critical component of the Ethereum ecosystem as it is the activity that secures the ecosystem and so, therefore, it's an important part of the investment experience and being able to invest in your ether."

数字资产主管辛西娅·洛·贝塞特 (Cynthia Lo Bessette) 表示：“我当然希望，作为一个行业，我们能够帮助教育并提供有关我们如何为这些产品的投资者带来质押功能的观点。”富达的管理层。 “质押是以太坊生态系统的重要组成部分，因为它是保护生态系统的活动，因此，它是投资体验和投资以太币的重要组成部分。”

Former President Donald Trump seems to have won over the hearts of many leaders in the crypto industry and is their favored choice in this year's election given his recent endorsement of the space.

前总统唐纳德·特朗普似乎赢得了加密货币行业许多领导人的心，鉴于他最近对该领域的认可，他是他们在今年选举中的首选。

"I believe staking within spot ether ETFs is a matter of when, not if," said Nate Geraci, president of the ETF Store. "That said, there is no question that politics are intertwined with the timing of the 'when.'"

ETF Store 总裁 Nate Geraci 表示：“我认为，在现货以太 ETF 中进行质押只是时间问题，而不是是否会发生的问题。” “话虽如此，毫无疑问，政治与‘何时’的时机交织在一起。”

He added: "Indications are that a Trump administration would be much more crypto-friendly, which could certainly accelerate the timeline of when staking might be allowed. Otherwise, ETF issuers could be left waiting on a comprehensive crypto regulatory framework to be put in place, which would likely take significantly longer."

他补充道：“有迹象表明，特朗普政府将对加密货币更加友好，这肯定会加快允许质押的时间表。否则，ETF 发行人可能会等待全面的加密货币监管框架到位。 ，这可能需要更长的时间。”

For Franklin Templeton, who, like Fidelity, was keen on making staking a part of the ETFs, starting without that feature seemed natural and made the overall process of getting the product approved easier.

富兰克林邓普顿（Franklin Templeton）和富达（Fidelity）一样热衷于将质押作为 ETF 的一部分，对于富兰克林邓普顿（Franklin Templeton）来说，在没有该功能的情况下开始似乎很自然，并且使产品获得批准的整个过程变得更加容易。

"The easier path or path of least resistance was clearly to do it as an unstaked version," said Christopher Jense, director of digital asset research for Franklin Templeton's Digital Asset Investment Strategies Group. "It just works better, it's simpler, it's easier, and the execution risk was lower, so I think it's very natural that that's where we started."

富兰克林邓普顿数字资产投资策略集团数字资产研究总监克里斯托弗·詹斯 (Christopher Jense) 表示：“更简单的路径或阻力最小的路径显然是采用无质押版本。” “它效果更好，更简单，更容易，而且执行风险更低，所以我认为这就是我们开始的地方，这是很自然的。”

If staking will be part of the ETFs in the future, it doesn't seem to be up to the asset managers, but is a question of whether the regulatory landscape in the future will be open to it.

如果未来质押成为ETF的一部分，这似乎不是资产管理公司的决定，而是未来监管环境是否对其开放的问题。

"I think it's very tied into the regulatory clarity that we think will happen over time of whether that will or won't happen," said David Mann, head of ETF product & capital markets for Franklin. "This is the framework we're dealing with today and if it evolves, we'll be ready to evolve with it."

富兰克林 ETF 产品和资本市场主管戴维·曼 (David Mann) 表示：“我认为这与监管的明确性密切相关，我们认为随着时间的推移，这种情况是否会发生。” “这就是我们今天正在处理的框架，如果它不断发展，我们将准备随之发展。”

The eight spot ether ETFs began trading on the New York Stock Exchange Arca on Tuesday. They follow the approval of the first spot bitcoin ETFs in 2021, which were also met with enthusiasm from investors.

这八只现货以太 ETF 于周二开始在纽约证券交易所 Arca 交易。继 2021 年第一批现货比特币 ETF 获得批准后，该ETF也受到了投资者的热情。

The Grayscale Ethereum Trust, which was converted to an ETF on Tuesday, began trading under the ticker symbol ETHE. The other seven products, which are all new ETFs, are trading under the following tickers:

灰度以太坊信托于周二转换为 ETF，开始以股票代码 ETHE 进行交易。其他七种产品均为新 ETF，交易代码如下：

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

* ether (ETH)

* 以太币（ETH）

The ether ETFs, which are designed to track the price of the second-largest cryptocurrency, were approved by the U.S. Securities and Exchange Commission (SEC) last week. The approval came after years of waiting by the crypto industry, which had been pushing for the SEC to approve an ETF that would provide investors with an easy way to gain exposure to ether.

旨在追踪第二大加密货币价格的以太币 ETF 上周获得了美国证券交易委员会 (SEC) 的批准。此次批准是在加密货币行业等待多年之后获得的，该行业一直在推动 SEC 批准一款 ETF，该 ETF 将为投资者提供一种简单的方式来获得以太坊投资。

The approval of the

的批准